(Reuters)
- International Financial Corp (IFC), a
member of the World Bank Group, is planning to take part in the planned $1.5
billion listing of Malaysia's Integrated Healthcare Holdings (IHH) in a move to
help validate IHH's emerging markets strategy, according to IFC's official website.
The
largest global development institution focused on the private sector in
developing countries said the move would help the healthcare firm with its
pan-Asia expansion strategy.
"Project
cost and the amount and nature of IFC's proposed investment cannot be disclosed
at this time due to confidentiality and regulatory requirements," IFC
announced on its website, adding that the estimated date for board
considerations was June 12.
IHH is
the healthcare arm of Malaysia's state investor, Khazanah. Its assets include
Turkish hospital group Acibadem AS (ACIBD.IS), Singapore's Parkway Holdings,
India's Apollo Hospitals Enterprise Ltd (APLH.NS) and Malaysia-based Pantai
Hospitals and International Medical University.
The
listing of IHH in Singapore and Malaysia was expected to be the fourth-biggest
initial public offering in the city state's history and Malaysia's
second-largest this year after the planned listing of Malaysian plantation
group Felda Global Venture Holdings.
Southeast
Asia has seen a burst of IPOs since the start of the year, despite the
protracted euro zone debt crisis and the debacle over Facebook's (FB.O) recent
market debut.
IHH,
which is expected to debut on the Malaysian and Singaporean bourses by the end
of July, has started to invite approved "Bumiputra" investors to
submit expressions of interest in subscribing for its shares, according to the
website of Malaysia's Ministry of International Trade and Industry earlier.
Bumiputra,
meaning "sons of the soil" in Malay, refers to majority ethnic Malays
and other indigenous people in the country who benefit from a decades-old
affirmative action policy that favours them in housing, education and business.
Premarketing
is currently being held for a second tranche that will be open to institutional
and other investors.
The IPO
will be one of the first after elections in Malaysia that are widely expected
to be held in June or July. Analysts and investment bankers have said
Malaysia's IPO pipeline has slowed ahead of the poll because of concerns of
market volatility.
IFC
officials were not immediately available for comment. Japan's Mitsui & Co
Ltd (8031.T) owns a 26.6 percent stake in IHH, Dubai-based Abraaj Capital holds
7.1 percent and Acibadem chief Mehmet Ali Aydinlar 4.2 percent. Khazanah owns
the remaining 62.1 percent.
Bank of
America-Merrill Lynch (BAC.N), Deutsche Bank AG (DBKGn.DE) and CIMB (CIMB.KL)
are joint global coordinators and book runners for the deal. Goldman Sachs
(GS.N), DBS (DBSM.SI) and Credit Suisse are joint bookrunners, a source told
Reuters in December.
Yantoultra
Ngui
(Editing
by Nick Macfie)
Business & Investment Opportunities
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